In this paper, we systematically derive design equations for 3-way Bagley power dividers with arbitrary split ratios using interconnecting transmission lines with the same characteristic impedance. The exact value of the characteristic impedance for a specific dividing ratio is determined using these equations to achieve perfect input port matching. To validate the design procedure, two microstrip dividers with different split ratios, 1 : 3 : 1 and 1 : 10 : 1, are designed, simulated, fabricated, and measured. The desired split ratios are achieved at the design frequency, 1 GHz. Good agreement between simulated and measured results is obtained.